TDAX vs. MULL

Last updated Jul 17, 2026

TDAX (TDAQ Lift ETF) and MULL (GraniteShares 2x Long MU Daily ETF) are both Leveraged Equities funds. Both are actively managed. A 0.65 correlation means they provide meaningful diversification when combined. TDAX charges 0.98%/yr vs 1.50%/yr for MULL.

Performance

TDAX vs. MULL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in TDAQ Lift ETF (TDAX) and GraniteShares 2x Long MU Daily ETF (MULL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

TDAX

• 1D: -1.67%
• 1M: -3.90%
• 6M: 13.29%
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

MULL

• 1D: -11.30%
• 1M: -37.61%
• 6M: 295.95%
• YTD: 436.29%
• 1Y: 2,454.81%
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

TDAX vs. MULL - Yearly Performance Comparison

	2026 (YTD)
TDAX TDAQ Lift ETF	12.65%
MULL GraniteShares 2x Long MU Daily ETF	276.84%

Correlation

The correlation between TDAX and MULL is 0.65, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jan 7, 2026	0.65

Return for Risk

TDAX vs. MULL — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

TDAX

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

MULL

MULL Risk / Return Rank: 98
MULL Sharpe Ratio Rank: 100
MULL Sortino Ratio Rank: 97
MULL Omega Ratio Rank: 95
MULL Calmar Ratio Rank: 99
MULL Martin Ratio Rank: 99

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

TDAX vs. MULL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TDAQ Lift ETF (TDAX) and GraniteShares 2x Long MU Daily ETF (MULL). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	TDAX	MULL	Difference
Sharpe ratio: Return per unit of total volatility	—	16.22	—
Sortino ratio: Return per unit of downside risk	—	4.90	—
Omega ratio: Gain probability vs. loss probability	—	1.62	—
Calmar ratio: Return relative to maximum drawdown	—	45.09	—
Martin ratio: Return relative to average drawdown	—	142.83	—

Drawdowns

TDAX vs. MULL - Drawdown Comparison

The maximum TDAX drawdown since its inception was -14.69%, smaller than the maximum MULL drawdown of -72.29%. Use the drawdown chart below to compare losses from any high point for TDAX and MULL.

Drawdown Indicators

	TDAX	MULL	Difference
Max Drawdown Largest peak-to-trough decline	-14.69%	-72.29%	+57.60%
Max Drawdown (1Y) Largest decline over 1 year	—	-55.18%	—
Current Drawdown Current decline from peak	-7.47%	-55.18%	+47.71%
Average Drawdown Average peak-to-trough decline	-3.99%	-21.04%	+17.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	17.49%	—

Volatility

Volatility by Period

	TDAX	MULL	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	64.12%	—
Volatility (6M) Calculated over the trailing 6-month period	—	126.46%	—
Volatility (1Y) Calculated over the trailing 1-year period	27.54%	153.61%	-126.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.54%	145.38%	-117.84%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.54%	145.38%	-117.84%

TDAX vs. MULL - Expense Ratio Comparison

TDAX has a 0.98% expense ratio, which is lower than MULL's 1.50% expense ratio.

Dividends

TDAX vs. MULL - Dividend Comparison

TDAX's dividend yield for the trailing twelve months is around 10.98%, more than MULL's 0.07% yield.

Position	TTM	2025
MULL GraniteShares 2x Long MU Daily ETF	0.07%	0.39%
TDAX TDAQ Lift ETF	10.98%	0.00%

Frequently Asked Questions

Can I hold both TDAX and MULL in my portfolio?

TDAX and MULL have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, TDAX or MULL?

On fees, TDAX is cheaper at 0.98% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, TDAX or MULL?

TDAX is cheaper with a 0.98% expense ratio, compared with 1.50% for MULL.

Which ETF pays a higher dividend yield, TDAX or MULL?

TDAX has the higher dividend yield at 10.98%, compared with 0.07% for MULL.

What is the main difference between TDAX and MULL?

They also come from different issuers: TappAlpha and GraniteShares. Their fees differ too: 0.98% for TDAX and 1.50% for MULL.